Harvard Professor Martin Feldstein Wrong

October 18, 2009 at 4:08 pm · Filed under Uncategorized ·Tagged , , , , ,

Business Writer

Business Writer

Setting things straight about how foreclosure really Works.
By Andy Ross

On August 8th, 2009, the Wall Street Journal published an opinion piece titled How to Save an Underwater Mortgage that was penned by Martin Feldstein – despite the fact that is was fraught with egregious errors and irresponsibly misleading information the Wall Street Journal did not publish the letter I sent to them my setting the record straight.

http://online.wsj.com/article/SB10001424052970204908604574330883957532854.html

The gist of Feldstein’s article was that homeowners with mortgages in the USA can walk away from their mortgage debt obligations free and clear, with no residual consequences.
In the 6th paragraph Feldstein explained, for example, that “mortgage defaults in the United States, unlike almost every other country are effectively no-recourse loans meaning the creditor can take the house used as collateral but is unable to take other assets or income to make good on the balance.”

Nothing could be further from the truth.

That information is patently false. Those who have read Feldstein’s article and actually buy into this false understanding of mortgage collections are in for a big surprise when their mortgage company comes knocking on their door for the deficiency balance. Shame on the Wall Street Journal for not checking the facts of one mans supplied information before publishing his opinion.

For the past 20 years I have worked as a mortgage banker responsible for underwriting, documenting, funding and collecting payments on thousands of loans in every state in the nation. I have written and serviced mortgages – including FHA loans – on behalf of all of the big name lenders including Countrywide, Bank of America, Wells Fargo, Washington Mutual, Accredited, Taylor Bean and hundreds of others. Not one of these mortgages is non recourse.

Some of those institutions are extinct now, while others are rebuilding. But one thing they all share in common is that they have never been in the business of writing residential house mortgages that are no-recourse mortgage notes. In the United States that is just not the how mortgage note obligations are written.– at least not when it comes to loans for homes owned by American families. I have never underwritten a mortgage loan outside the United States so I cannot comment on how foreigners do their business.

The standard practice in the U.S. mortgage finance industry is that nearly every mortgage note written on residential property in this country requires the debtor to personally guarantee the obligation. If a mortgage is underwater and the property sells for less than the note balance (including attorney fees and court costs) the borrower is legally obliged to pay the difference – or in legal parlance, the “deficiency.”

There are two types of foreclosure used in the USA (depending upon state statutes), namely “Foreclosure by Sale,” and “Strict Foreclosure.” But it really doesn’t matter which we’re talking about in terms of Feldstein’s opinion piece, because both foreclosure arrangements allow the lender to legally pursue the borrower for any deficiency. This is done through a civil deficiency judgment. Civil deficiency judgments can be effective for up to 20 years

“ I have closed hundreds of residential mortgages and I have not seen one non-recourse loan.”” Says Larry Levinson a New Haven Connecticut Attorney with a specialty in Real Estate Law. Adding “With respect to deficiencies, it should be pointed out that the lender definitely has the right to go after the borrower’s. They need to timely file the motion for deficiency judgment. In my experience it is rare for the lender to actually pursue collection, especially the larger out of state banks. Sometimes the borrower will need to negotiate with the local banks with respect to the deficiency amount”.

The bottom line is that misinformation like that put forth by Mr. Feldstein and then given added credibility by the highly respected Wall Street Journal can cause additional heartache and stress. Borrowers who want to put their lives back in order and who mistakenly think that they are absolved of deficiency debts through foreclosure are being led down a blind alley – by a totally misinformed guide.
##

For the record, I am attaching a letter I wrote to the Wall Street Journal immediately after Mr. Feldstein’s opinion ran. They have never responded nor alerted their readers of the misinformation.
Dear Editor,

The opinion you published on August 9th 2009 titled How to Save an Underwater Mortgage by Martin Feldstein contains inaccurate and irresponsibly misleading information. Unless Mr. Feldstein’s information is corrected for your readers it will give consumers the idea that they can just walk away from a foreclosure free and clear.

Nothing can be further from the truth.

In the 6th paragraph Feldstein states that “mortgage defaults in the United States, unlike almost every other country are effectively no-recourse loans meaning the creditor can take the house used as collateral but is unable to take other assets or income to make good on the balance.”

That information is completely false.

For the past 20 years I have worked as a Mortgage Banker responsible for underwriting, documenting, funding and collecting thousands of loans in every state in the USA. I have written and serviced mortgages – including FHA loans – on behalf of all of the big name lenders including Countrywide, Bank of America, Wells Fargo, Washington Mutual, Accredited, Taylor Bean and hundreds of others.

I can assure you that not one of those mortgages is a “no-recourse mortgage note.” In the USA the kind of non-recourse mortgage loans Feldstein refers to are usually reserved for large commercial borrowers. Properties that have income steams attached to them, such as office buildings and shopping centers are likely candidates for non-recourse loans – not residential real estate.

Nearly every mortgage note written on residential property in this country, on the other hand, requires the debtor to personally guarantee the obligation. If a mortgage is underwater and the property sells for less than the note balance (including attorney fees and court costs) the borrower is legally obliged to pay the difference – or in legal parlance, the “deficiency.” There are two types of foreclosure used in the USA (depending upon state statutes), namely “Foreclosure by Sale,” and “Strict Foreclosure,” and both allow the lender to pursue the borrower for a deficiency.

A civil deficiency judgment can be effective for up to 20 years and gives the lender the ability to garnish wages and attach other real and personal property. Deficiency judgments are often sold to collection agencies and can later rear their ugly heads and cause financial ruin all over again for borrowers. Misinformation like that put forth by Mr. Feldstein can cause additional heartache and stress to those borrowers who want to put their lives back in order and who mistakenly think that they are absolved of deficiency debts through foreclosure.

Respectfully yours,

Andrew Ross
New Haven Connecticut andy@andyrossgroup.com 203-641-4666

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United States Treasuries: The biggest Ponzi Scheme of all Time?

February 26, 2009 at 10:25 pm · Filed under New Haven, Uncategorized, Wooster Square

Business writer Grand News New Haven Ct

Business writer Grand News New Haven Ct

A Ponzi scheme – like the $50 billion one recently perpetrated by Bernard Madoff is one that can only exist as long as new money comes in to make minimum payments to investors who are told that the checks they receive are their share of the profits. There are no profits, however, and the money investors get is simply skimmed off the capital invested by others participating in the scheme. As soon as not enough new money comes into the fund to meet the demands of those investors making withdrawals of make-believe profits, the scheme implodes and collapses – burning everyone involved.
Today our nation’s scheme to keep up with mounting debt, which I am too patriotic to imagine as intentional and malicious like Madoff’s con game, resembles a Ponzi, and that is cause for grave concern and a call for radical change. We are not generating nearly enough revenue to offset the gigantic mountain of debt pressing down on top of our financial house of cards. The U.S. increasingly puts itself into a position where we must rely on the sales of new Treasury notes and bonds to keep up with the interest on previously issued instruments. This sounds Ponzi-esque to me.

As the financially devastating month of September 2008 came to an end, for example, the United States government was carrying $10 trillion dollars of debt owed to lenders outside the USA – one trillion dollars more than the previous year. That equals a debt increase of $2,900 for every man, woman, and child in the nation over the year before.

According to Gillespie Research/Federal Reserve, foreigners own about $9 trillion of U.S. financial assets, including 13 percent of all stocks, and nearly 30 percent of our corporate bonds. And they are acquiring more all the time, which gives them increased power and say-so regarding our native businesses. Even Fannie Mae, an agency created by Congress in order to ensure the availability of affordable mortgages for average Americans, turns to sources outside the USA for approximately 35 cents of every dollar.
Consider this statement from David Walker, the U.S. Comptroller General:

“Foreign interests have more control over the US economy than Americans, leaving the country in a state that is financially imprudent. More and more of our debt is held by foreign countries – some of which are our allies and some are not. The huge holdings of American government debt by countries such as China and Saudi Arabia could leave a powerful financial weapon in the hands of countries that may be hostile to US corporate and diplomatic interests”.
Of the $10 trillion in total federal government debt outstanding at the end of 2008, approximately $5.1 trillion was in the form of Treasury bonds and T-bills. Of that, nearly half was owed to foreign interests, including $700 billion owed to China. That number is about the same amount as our new economic stimulus package that is meant to save us from economic ruin.

Lucky for us, China continues to invest in the USA. In fact, China’s heavy purchase of our Treasury bonds is why we enjoy low interest rates to fund a war, provide public services, offer a stimulus plan, and line the silk pockets of irresponsible Wall Street firms and big banks.
But the Chinese are not investing here on the basis of our attractive economic future. They invest here because they desperately need for us to succeed. Otherwise it means a huge loss of debt payment income we owe to them.

Our country spent more than $300 billion last year, just to service interest payments on outstanding debt. Meanwhile we owe ourselves $3.3 trillion of debt accumulated through the internal habit of borrowing from Peter to pay Paul with IOU’s skimmed from sources including the Social Security trust fund. So far the government has drained $13 trillion from that fund alone, so we are not just borrowing from our parents and ourselves but also from our children and grandchildren.
Spread equally across the 304 million citizens of the USA, our total debt adds up to a staggering $49,342,00 owed by each and every person, including those still cruising around in strollers and diapers.
We have become so accustomed to hearing about the trillions of dollars we are in debt. Watching the numbers rise meteorically has desensitized us to what it all really means.

Let’s add it all up as follows: $10 trillion is existing debt. $1 trillion is the budget short fall in 2009, and $350 billion in TARP funds have already been disbursed to banks – with another $350 billion in TARP funds to be released next. $1 trillion was earmarked to banks for troubled assets, $790 billion for new stimulus spending, and $3.3 trillion was borrowed from ourselves from programs like Social Security. The grand total is $15 trillion, divided amongst 304 million Americans. That adds up to a whopping $49,342 per person, which is a 50% increase in our debt from what was it was at the end of 2008.

In order to truly appreciate what the nation now owes on an indivual level, imagine the U.S. government paying off its debt by sending all 304 million men ,women and children a bill for $49,342 That figure represents their share of the overall debt. But as a practical matter, people in the government know they cannot expect the majority of taxpayers to pay this debt in one lump sum. So let’s say they offer you terms similar to a revolving credit card account and they spread the $49,342 over 15years at 3.5% interest. Your monthly payment for each household member will still come to $352.74 per month. Understanding that can help us comprehend the magnitude of the problem and what it will take to solve our debt crisis.

It is as simple as it looks complicated we so not have the revenues we take in from taxes anywhere near sufficient to run the government on a day to day basis, let alone fund special projects and pay off our obligations. Our current system of financial management is dangerous. It requires serious restructuring, which must include a plan for reducing both internal and external debt and finding sustainable solutions to our hazardous and lopsided dependence upon foreign interests and powers.
End
Andy Ross
612 Chapel Street
New Haven CT 06511 andy@andyrossgroup.com 203-641-4666
Real Estate and Commercial Loan Broker

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We need term limits in New Haven

February 20, 2009 at 2:08 am · Filed under Uncategorized

Andy Ross of New Haven Ct

Andy Ross of New Haven Ct

We need term limits in New Haven

By Andy Ross

When we hear the words “term limits,” our first thought might be that the words have something to do with insurance. Term limits, however, refers to limiting the number of years (or terms) that a person can serve in one elected office. I don’t think that the relationship is too far-fetched: In a way, term limits for politicians are a type of insurance—they insure against complacency, and they ensure that we will benefit from the type of elected officials that our Founding Fathers wanted us to have.

Rather than develop a separate professional political class, who may eventually become removed from the wishes and needs of the general population, I suggest strongly that we begin at the local level to consider setting term limits for elected offices in the city of New Haven. We can’t start too soon.

Politics has become a career for some; term limits would not only prevent career politicians, but would also promote citizen leaders. We need people with fresh ideas who can energize our government structure on many levels. A 1995 study by Doug Bandow for the Cato Institute suggested that term limits actually increase voter choice by making elections more competitive and encouraging more candidates to run for office. As well, cities that have implemented term limits have discovered that more candidates—and more diverse candidates—are running for office.

People can argue that the longer a politician is in office, the better he or she knows his constituency and the more effective he or she can be, but I disagree. Politicians who have served for many years can become dangerous. They can build up too many cronies and allies, and they can be tempted too easily to show favoritism, or worse, to look the other way about corruption.

By limiting terms in office, elected officials will have time to do their jobs well without having to think about running another campaign. Having a limited amount of time in which to achieve their goals will force them to make those goals a reality, as they can concentrate fully on the matters at hand. An elected official’s primary concern should not be his or her pension, or his or her record for serving in an office for the longest period of time.

I believe strongly that New Haven’s Board of Aldermen should consider setting term limits for elected city officials. I think that three terms of three years (for a total of nine years) for Mayor and two terms of three years (for a total of six years) for Aldermen would be the first step in getting New Haven going in the right direction.

Andy Ross
612 Chapel Street
New Haven, Ct 06511
203-641-4666
andy@andyrossgroup.com

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Saving Joe the Plumber – and America – from “Joe the Debtor”

February 20, 2009 at 1:58 am · Filed under Income opportunities, New Haven, Uncategorized, Wooster Square ·Tagged , , , , , ,

Andy RossSaving Joe the Plumber – and America – from “Joe the Debtor”

By Andy Ross

While Joe the Plumber emerged during the election campaign as an icon representing both mainstream American values and the travails of the average Joe, the post election focus is beginning to shift to Joe the Debtor. The average Joe, despite a good job, home ownership, and a decent credit rating, is living so far beyond his financial means that he is drowning in debt. The unprecedented borrowing binge has been facilitated by credit cards, car loans, home equity lines of credit, and a host of other debt products extended primarily based on his all-important credit score and frequently without further scrutiny.

What we are faced with is a virtual house of cards made up of credit extended to those who cannot truly afford it. Now that our debts are being called in the house has come crashing down around us.

While robbing from Peter to pay Paul, the fact of the matter is that Joe is basically just borrowing from himself and at a high cost. A prime example of this in recent years was the practice of buying a home with little or no money down and using the instant equity that built up due to a run-a-way real estate market to finance a lifestyle. A mortgage with little or no down payment is where Joe began his foray into the American Dream. Once true equity was built up, he then siphoned it off through home equity loans and cash-out refinancing. The additive effect of a decrease in current home values has pushed down any remaining available cash that has not already been siphoned off. Now many are being pushed into foreclosure leaving no where else to borrow to pay bill and the mortgage it’s self. Estimates are that twenty percent of Americans now owe more than their homes are worth.

Debt, when managed properly, can be a good thing but Joe the Debtor caught in the spiral and culture of habitual debt, is currently caught in cycle of debt mismanagement that includes gaming the system in order to maintain the perfect credit that enables him to perpetuate the manipulation and obfuscate the depths of his truly precarious position . Joe the Debtor has a false sense of his actual net worth mainly because he is flush with “make believe” cash. When he uses credit, he is actually using debt, but most Americans don’t make that important connection. They just see their ability to borrow as buying power, mistaking debt for wealth. They treat their credit advances as income and view them as perks bestowed by lenders to reward them for maintaining a good credit score. Just because consumers are not financially qualified to borrow and repay their obligations does not mean they are not educated about the credit process. In fact it is the opposite; they are savvy when it comes to enhancing their credit scores. Most active borrowers continuously monitor and tweak their credit profile in order to deliberately and successfully beat lenders at their own game. They continue to meet minimum monthly obligations, even if that means borrowing themselves deeper into a hole in order to keep their precious credit score intact.

Information on how to bolster a score is readily and freely published by the three major credit reporting bureaus, and there are numerous credit repair web sites that help Joe navigate his way to more credit. Joe can tweak his profile to earn a stellar credit number while sitting atop a mountain of debt with no verifiable income or savings.

Because lenders rely too heavily on FICO scores they systematically cut corners in terms of underwriting. This has now cutting into their profits and has caused many of them to suffer insurmountable financial losses.

For a small business owner to obtain the dollars consumers do is, by contrast, difficult, if not impossible. Lenders hold commercial borrowers to a much higher standard, yet individual consumers can amass extraordinary debt just by filling out half-page applications. In fact many small businesses have figured out how to use credit card debt as alternative financing. In fact, Joe the Debtor can extend his consumer borrowing even further and use it in place of harder to get commercial loans.

The solution is for lenders to take charge in a proactive way, by using confidential criteria that cannot be artificially manipulated by borrowers. Lenders should use due diligent research to positively verify income and assets and reign in reckless debt. Until they take those steps the overall economy of good debt and responsible consumers will be plagued by higher interest rates, shrinking supplies of loan capital, and an environment where Joe the Debtor destroys the housing market, the job market, the stock market, and his chances for financial prosperity.

By Andy Ross
New Haven CT
Real Estate and Credit Counselor
New Haven CT
Andy@andyrossgroup.com
203-641-4666

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United States Treasuries: The biggest Ponzi Scheme of all Time?

February 19, 2009 at 11:38 pm · Filed under Uncategorized ·Tagged

Economic and Business Writer

Economic and Business Writer

By Andy Ross
Grand News
New Haven CT

A Ponzi scheme – like the $50 billion one recently perpetrated by Bernard Madoff – is one that can only exist as long as new money comes in to make minimum payments to investors who are told that the checks they receive are their share of the profits. There are no profits, however, and the money investors get is simply skimmed off the capital invested by others participating in the scheme. As soon as not enough new money comes into the fund to meet the demands of those investors making withdrawals of make-believe profits, the scheme implodes and collapses – burning everyone involved.

Today our nation’s scheme to keep up with mounting debt, which I am too patriotic to imagine as intentional and malicious like Madoff’s con game, resembles a Ponzi, and that is cause for grave concern and a call for radical change. We are not generating nearly enough revenue to offset the gigantic mountain of debt pressing down on top of our financial house of cards.

As the financially devastating month of September 2008 came to an end, for example, the United States government was carrying $10 trillion dollars of debt owed to lenders outside the USA – one trillion dollars more than the previous year. That equals a debt increase of $2,900 for every man, woman, and child in the nation over the year before.

According to Gillespie Research/Federal Reserve, foreigners own about $9 trillion of U.S. financial assets, including 13 percent of all stocks, and nearly 30 percent of our corporate bonds. And they are acquiring more all the time, which gives them increased power and say-so regarding our native businesses. Even Fannie Mae, an agency created by Congress in order to ensure the availability of affordable mortgages for average Americans, turns to sources outside the USA for approximately 35 cents of every dollar.

Consider this statement from David Walker, the U.S. Comptroller General:
“Foreign interests have more control over the US economy than Americans, leaving the country in a state that is financially imprudent. More and more of our debt is held by foreign countries – some of which are our allies and some are not. The huge holdings of American government debt by countries such as China and Saudi Arabia could leave a powerful financial weapon in the hands of countries that may be hostile to US corporate and diplomatic interests”.
Of the $10 trillion in total federal government debt outstanding at the end of 2008, approximately $5.1 trillion was in the form of Treasury bonds and T-bills. Of that, nearly half was owed to foreign interests, including $700 billion owed to China. That number is about the same amount as our new economic stimulus package that is meant to save us from economic ruin.

Lucky for us, China continues to invest in the USA. In fact, China’s heavy purchase of our Treasury bonds is why we enjoy low interest rates to fund a war, provide public services, offer a stimulus plan, and line the silk pockets of irresponsible Wall Street firms and big banks.
But the Chinese are not investing here on the basis of our attractive economic future. They invest here because they desperately need for us to succeed. Otherwise it means a huge loss of debt payment income we owe to them.

Our country spent more than $300 billion last year, just to service interest payments on outstanding debt. Meanwhile we owe ourselves $3.3 trillion of debt accumulated through the internal habit of borrowing from Peter to pay Paul with IOU’s skimmed from sources including the Social Security trust fund. So far the government has drained $13 trillion from that fund alone, so we are not just borrowing from our parents and ourselves but also from our children and grandchildren.

Spread equally across the 304 million citizens of the USA, our total debt adds up to a staggering $42,763,00 owed by each and every person, including those still cruising around in strollers and diapers. Keep reading it only gets worse.

We have become so accustomed to hearing about the trillions of dollars we are in debt and watching that number meteorically rise that we have become insulated or desensitized to what it really means.

In order to truly appreciate what it means for the U.S. to owe this kind of debt on an indivual level just imagine the U.S. government deciding it must pay off it’s debt and will do it by sending all 304 million men ,women and child a bill for $43,000.00 representing their part of the total U.S. debt. Now as a practical matter the government knows that they cannot expect the majority of the people to pay this debt in one lump sum so let’s say they offer you terms similar to a credit card revolving account and spread $43,000.00 over 50 years at 3.5% interest. Your monthly payment for each household member will come to $150.00. Do you think this illustration helps drive home the point about how much it would take from each of us to solve our debt crisis?

Let’s add it all up as follows: 10 trillion is existing debt, 1 trillion short fall in 2009, 350, billion Tarp funds already disbursed to banks, 350,000 billion dollars for the second half of TARP funds, 1 trillion dollars earmarked to banks troubled assets, 790 billion in new stimulus spending and 3.3 trillion we borrowed from ourselves from programs like social security funds. The grand total is 15 trillion dollars divided by 304 million Americans equals $49,342.105 per person. That is a 50% increase in our debt from the stated 2008 year end.

The U.S. increasingly puts itself into a position where we must rely on the sales of new Treasury notes and bonds to keep up with the interest on previously issued instruments. This sounds Ponzi-esque to me.

It is as simple as it looks complicated we so not have the revenues we take in from taxes anywhere near sufficient to run the government on a day to day basis, let alone fund special projects and pay off our obligations. Our current system of financial management is dangerous. It requires serious restructuring, which must include a plan for reducing both internal and external debt and finding sustainable solutions to our hazardous and lopsided dependence upon foreign interests and powers.
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Grand Vin and Harry’s: A perfect pairing of shared passions.

January 28, 2009 at 9:27 pm · Filed under New Haven, Wooster Square ·Tagged , , , , , , ,

Ben Tortora of Grand Vin Fine Wine, Fine Spirits

Ben Tortora of Grand Vin Fine Wine, Fine Spirits

Ben Tortora is a New Haven wine merchant and the proprietor of Grand Vin – a purveyor of fine wines and spirits. Tortora, has had a long love affair with wines and wine making. It all began when he was a young man growing up in New Haven, where his grandfather made wine. “I was first a collector of cabernets,” says Tortora. “My collection reached almost 800 bottles and then I decided it was time to share it with others by opening a store.”
Tortora’s home as a child was on the corner of Chapel and Poplar, and he always had confidence in the area where Grand Vin is located – 28 East Grand Avenue, right at the foot of the Grand Avenue Bridge. The area has obviously inspired confidence in others, as well, because it has undergone a wonderfully transformational revival.
“I saw this building go through many changes, from a hardware store to a florist shop,” recalls Tortora, who first undertaking was to lovingly and thoroughly restore it to vintage condition. The aging floor tiles were ripped up to unveil original hardwood planks, and florescent lights and old acoustic ceiling tiles were removed, exposing large and impressive wooden beams and piping that now adds to the character and ambiance of the store.
Today the 2,000 square foot space is meticulous and inviting, with shelves upon shelves of bottles that are all arranged and organized to make it easy for patrons to browse and shop to their hearts’ content. Grand Vin boasts a vast inventory of fine wines and spirits, including 2,000 wine labels, about 100 premium vodkas, nearly 70 single malts, and at least 50 tequilas. For those who enjoy beer, the store stocks 167 different kinds, mostly from micro-breweries.
Just putting on fresh facade and stocking the shelves does not make for a successful wine shop, says Tortora. He believes it takes experience, patience, knowledge, a personal love of wines and spirits, and a sincere dedication to the business. By doing what he enjoys most – and doing it enthusiastically – Tortora even managed to show increases in his volume last year and contract to build a second location directly across from famous Bishop Orchards in Guilford despite the severely depressed economy.
“Business grew because I did not wait for it to come to me” says Tortora. “I reached out through wine tastings, wine dinners, wine clubs, a fresh Web site, and timely fliers announcing new arrivals that include information on which wines are gaining in popularity.” Part of reaching out includes looking across the ocean for fresh ideas.
Tortora passionately sources rare quality wines and premium spirits for his loyal clientele. In the spring of 2007 he and his wife made a voyage to Venice, Italy, and visited the world renowned watering hole – Harry’s Bar. The establishment’s fame is due in large part to the fact that many famous people have visited it over the years. Notables including Ernest Hemingway, Charlie Chaplin, Truman Capote, Orson Welles, Baron Philippe de Rothschild, Princess Aspasia of Greece, Aristotle Onassis, Barbara Hutton, Peggy Guggenheim, and Woody Allen have all stopped by for cocktails in the historic bar and eatery.
Harry’s is also a popular tourist attraction thanks to being credited with the invention of the renowned Bellini cocktail, which is made with puréed white peaches and sparkling Italian Prosseco. And Harry’s introduced the world to Carpaccio, a dish made from slices of raw filet migon sliced as thin as tissue. Carpaccio is typically drizzled with extra virgin olive oil and served as a primo piatti or “first plate” appetizer as the Italians would say.
While at Harry’s Bar Tortora met the owner, Lorenzo Carnella, who also bottles and distributes the Bellini. Tortora and Carnella hit it off, and when Carnella mentioned his newest concoction of strawberries and Prosseco – which he calls the Carnella Rossini – Tortora jumped at the chance to become one of the first American retailers to feature the sparkling bottled elixir. Grand Vin now sells a disproportionately high volume of the tasty mixture. Last year, in fact, Tortora was the second-highest volume retailer of Carnella Rossini in the USA.
Tortora’s establishment has quickly evolved into an oasis for anyone who appreciates fine spirits and wines and wants to ask questions, learn more, share ideas, talk about products, or just walk in and make a satisfying purchase. Tortora is always on hand, and he never hesitates to take time to advice customers and help them understand more about what they are drinking or planning to bestow as a gift.
Grand VIN’s interactive Web site is full of interesting formation and useful links, plus it has an especially clever feature that updates the store’s current inventory minute-by-minute. Each time the store rings up a sale, the inventory is instantly adjusted online. So visitors to the site are never disappointed and are always assured that everything they find is guaranteed to be in stock.
Grand Vin is open Monday through Saturday from 9:30 a.m. until 8 p.m. Monday through Saturday. Their Web site is located at http://www.GrandVinOnline.com, and the store’s phone number is 203-468-7494.

Writers note. My last name is now Ross but my roots trace back to the name Raggucci in Florance Italy and subsequently it was changed to by Rossini by hurried government clerks in charge of checking in the hoards of immigrants arriving on Ellis Island USA every day. My Grandfather settled in Norwalk and his brother in New Jersey. My Grandfather decided that Rossini sounded to Italian (of course we were Italian) so he cut it down further to Ross while his brother kept the name but eventually cut it down further too to Rossi. So imagine my excitement when I interviewed Ben Torta. Maybe I have a rich heritage connected to the beverage business in Italy. So far my internet searches do not agree. Oh well, I bought a couple of bottles of Rossini and am hooked. Try it you will love it.

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Downtown New Haven Parking a Problem

January 18, 2009 at 7:41 pm · Filed under New Haven, Uncategorized ·Tagged ,

Andy Ross

Letter to the Editor
July 27, 2008

If you think downtown parking spaces are difficult to find now, just wait. Two new high schools that will serve an estimated 1,000 students and will employ approximately 125 staffers are under construction on prime downtown real estate. More than half of these students will be of driving age. It is likely that hundreds of precious on-street or garage parking spaces will be occupied by students and staff, and this will add to an already-congested downtown parking situation, not to mention the additional traffic.
We all know that growth is a good idea for our city, but not having sufficient parking is a bad idea—for workers, visitors, merchants, and others who keep our economy going. Downtown parking in New Haven at the present time is simply insufficient to service the continued growth.

According to the project manager for the new schools—The Cooperative Arts located on the corner of College and Crown streets and Humanities High School, and The Metropolitan Business Academy located o the corner of Water and Olive streets —on-site parking has only been created for the staff at the schools, not for the students because “students are not allowed to drive to theses schools”. It seems reasonable that a certain number of students will be of driving age and own or have access to a car and may choose to drive to school regardless of school policy. Clearly a percentage of downtown parking spaces may be absorbed even if students are not allowed to drive themselves to these schools, it seems likely that there will be additional cars in the area.

It is time for the city to look before it leaps. Provide efficient and adequate parking for New Haven’s municipal buildings; ensure that visitors to our city—whether there for business or pleasure—can find enough parking.

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Downtown growing as city meets Challenges.

January 16, 2009 at 12:03 am · Filed under New Haven, Wooster Square ·Tagged

Andy Ross

Downtown growing as city meets Challenges.

Pictured above is Ken Gleason, Chairman of The Downtown Wooster Square Community Management Team, who kicked off a public forum of over 75 individuals at the Omni September 25th. Focus of the discussion was on the Quality of Life for its downtown residents, students, visitors, workers and businessmen. The guest panel of city officials espousing their opinions and suggested solutions to the challenges that the Downtown faces include Sean Matteson the Mayors Chief of Staff, Bitsy Clark Alderwomen for the 7th ward (Downtown) Lt. Martin Tchakirides a 13-year New Haven Police veteran and currently District Manager for the downtown district, Christine Bonanno, Deputy administrator of Economic Development and Winfield Davis, the Town Green Special Services District Operations Director. The meeting was attended by a cross section of area residents, business owners (particularly club owners) and representatives from Yale, Southern, Quinnipiack and New Haven Universities.

“People are seeing an expansion of Downtown by beginning to connect with other areas of the city such as the Union station area and the Medical District. Christine believes that the evidence of a successful Downtown can be found in the number of investor’s dollars pouring into the city even as the country’s economy falls on financially difficult times” Says Bonanno adding “We are proud of our selection of Becker Associates as our developer for the $165 million dollar project now known as 360 State Street. (Shatenburge) “They have proven to be a financially sound partner to the city and we are “We are also pleased with our selection of Northern Development Corporation for the collusion site another well financed organization”. “we currently have 3,728 housing units downtown” “That is up over 1,000 units over the past 5 years with another 1,300 planned to be introduced into downtown over the next 5 years” “This combined with 140 new businesses that have opened over the past 5 years signals a confidence on the part of investors, residents and business owners wanting to do business in an ever growing New Haven.”

Davis says “We work very hard to keep the Downtown and the Green clean, safe and inviting. And the Green Clean Team by keeps the area as rubbish free as possible. At its inception in 1997 the Green Team picked up 30 thousand pounds of rubbish in the 27 square block area they guardian. This year the Team is on target to pick up over 70 thousand pounds of rubbish in the same area”. “We also run the downtown ambassador program which is an on street league of liaisons that are visible and available to help people with directions, recommendations for businesses and restaurants, escorts to parked cars and they even provide an umbrella if one is caught in the rain”. The hospitality part of the group’s mission also includes the Info New Haven store front on the corner of Chapel and Temple where information on anything New Haven is readily available along with New Haven gifts and novelties. The community leaders rely on community input to help work toward and strive for goals to create and maintain a vibrant downtown community.

Meanwhile, the Downtown area’s Alderperson is Bitsy Clark and has lived in New Haven since 1956. Bitsy remarks “The downtown population is very interesting in that it has an unusual make up of residents. There are four main groups. We have students, young professionals, empty nesters and retired people. There are many people in the area that do not vote because they are workers, businesses owners and developers that do not live in New Haven” “Never the less, I have to represent their interest and address their concerns because they are vital to New Haven’s growth and prosperity” “My job as an Alderperson is to respond to you and address your concerns”. Sometimes it is helping you navigate through a particular city department or help you understand why certain laws or rules exist” I am only a phone call away and happy to help anyone to better understand what is happening New Haven and particularly the downtown area.

According to Police Lt Martin Tchakirides “The biggest problem I have right now in Downtown is the noise complaints at night. This is a very vibrant downtown between the clubs and restaurants especially on Thursdays, Fridays and Saturday nights. College kids and other patrons visit the place and this enthusiasm sometimes spills out into the streets and often during late hours of the night”. “I am working on it” Better communications, balancing expectations with what is realistic and identifying areas for improvement were among the list items Gleasman wanted to address for the evening. The evening forum went very well, I feel good about what the public had to say and the panel’s response” Gleasman said. An e-mail exit survey of people in attendance that night showed a favorable reaction to how the City, Police services and the Town Green Special Services District are meeting the challenges of Downtown New Haven. The Downtown Wooster Square Community Management Team consists of members of the community who are concerned citizens with the zeal to serve as a forum for problem-solving, information exchange, and decision-making centering on neighborhood quality of life and public safety issues

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Citified But Not Desensitized

January 13, 2009 at 2:53 am · Filed under New Haven, Wooster Square ·Tagged ,

Writer Grand News New Haven

Writer Grand News New Haven

Citified But Not Desensitized

By Andy Ross
New Haven Register

I have been living in downtown New Haven for almost two years, after moving here from Guilford, I like to call it “The City.” In November of 2003 after having lived in new haven for less than, the New Haven Register published my letter to the editor, in which, I described how positive the experience of living in New Haven has been. I reported how I had found the city of New Haven, to be one of the kindest, and friendliest places, I have ever lived in. I am glad to repeat the same that same information to this day, 4 years later. I continue to be amazed and impressed about the great attitude this city has toward its residents, visitors, students, and merchants.

When, I first announced to my family and friends my plans for taking up residence in downtown New Haven. most expected me to be hardened by the harsh realities of city living in short order. The truth is, that today we all have to be aware of our surroundings, and keep our guard up regardless of where we live or work.

Last evening I was walking down the street to return a video. In the distance I suddenly saw a man who was crouched down with his head over his knees. He appeared to be vomiting.

I could tell he was a large man and I stood in silence on the corner of Chapel and Olive watching, assessing and appraising the man’s actions and movements. It was one of those moments during which time seemed to slow down. Part of me expected someone to appear to help him, part of me thought that perhaps he did not want help and sadly part of me thought that drugs or alcohol might be involved and he may not deserve the help.

After what seemed to be a long time, but in reality was only 30 seconds or so, I approached the man and asked how I could help. Because of his size, I didn’t think I could do much more than call 9-1-1.

It turns out the man had tripped on the sidewalk and his cane had collapsed beneath him. He wasn’t drunk or on drugs, and the heaving motion I saw was because he was trying to raise himself up on his own. He asked me to stand in front of him to give him some extra lift. Once he was standing up, we chatted and he told me that he was recovering from a series of complicated and painful back operations. He thanked me and we went our separate ways.

I continued to walk downtown and realized that I had mixed emotions about the incident. Had this happened to me in Guilford, would I have rushed to his aid more quickly? Would I have had the thoughts about alcohol or drugs that I did?

I reminded myself that in being more cautious, I had indeed become more “citified” perhaps, more aware of my surroundings. But I also realized that in the end I did stop to help the man, and I was grateful that I had not become desensitized to the world in need around me, as so many people claim that city life does to them.

New Haven is a sensitive city and I hope we will all keep our guard up for safety but our willingness to help each other wide open.

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Downtown parking will get Worse

January 11, 2009 at 5:34 pm · Filed under New Haven, Wooster Square ·Tagged ,

Grand News of New Haven writer

Grand News of New Haven writer

July 27, 2008
By Andy Ross
612 Chapel Street
New Haven, Ct 06511
andy@andyrossgroup.com

If you think downtown parking spaces are difficult to find now, just wait. Two new high schools are under construction on prime downtown real estate both scheduled to open its doors in the next 18 months. One of them is located in the heart of downtown on College and Crown and the other less than a mile away on Water and Olive streets. The two combined Schools will serve an estimated 1,000 students and will employ approximately 125 staffers. More than half of these students will be of driving age. It is likely that hundreds of precious parking spaces will be occupied by students and staff, and this will add to an already-congested downtown parking situation, not to mention the additional traffic.

Parking in downtown is simply insufficient to service the continued growth. Growth is a good idea for workers, visitors, merchants, and others who keep our local economy going. Not having sufficient parking is a bad idea. Retail merchants and occupants of office space are going to suffer and will eventfully lead to their exodus of the city.

According to the project manager for the new schools—The Cooperative Arts and Humanities High School, and The Metropolitan Business Academy—on-site parking has only been created for the staff at the schools, not for the students. That is the most absurd thing I have ever heard. This is the year 2007. An estimated 65% of driving age students own or have access to a car. Of that number 40% drive to school. When I was in high school we were not allowed to drive in either, but we did. If only 15% of the student population absorbs more of the downtown parking that is another approx. 150 spaces that are not going to be available for paying customers and clients of downtown businesses.

It seems reasonable that since an estimated 65 percent of students of driving age own or

This city needs to look before it leaps. City Hall seems to know how to attract commercial development by offering millions of tax payer’s dollars to developers as incentives. It is time we make developers provide for efficient and adequate parking.

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